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SocietyOne vs RateSetter

Compare two of Australia's most prominent peer-to-peer lenders to find out which one will work for you.

Peer-to-peer (P2P) loans offer a number of benefits to borrowers, including very competitive rates that are tailored to your credit position and a fast turnaround time. But which lender will offer you the best P2P option? On this page, we compare the costs and main features of two of Australia's main P2P lenders, SocietyOne and RateSetter.

SocietyOne RateSetter
Interest rate From 7.5% p.a. From 4.28% p.a. (variable rate)

From 7.17% p.a. (fixed rate)

Interest rate type Fixed Variable rate (rates from 4.28% p.a. with terms from 0.50 year(s) )
Fixed rate (rates from 7.17% p.a.)
Secured or unsecured Unsecured Secured or unsecured
Loan amounts $5,000 to $50,000 $2,001 to $45,000
Loan terms 2-5 years or 5 years 0.50 years to 5 years
Early repayment without penalty? yes yes
Eligibility
  • Aged over 21
  • Australian permanent resident or citizen or New Zealand citizen
  • Earn more than $25,000 p.a.
  • Have 2 years good credit
  • Have no bankruptcies
  • Are not in hardship with another provider
  • Aged over 21
  • Australian permanent resident or citizen or New Zealand citizen
  • Have a regular source of income
  • Have a good credit history
More Find out more Find out more
  • Verdict

Both peer-to-peer lenders offer competitive rates that are tailored to your credit score. However, the lenders differ on features such as how much you can borrow, how long you can take out the loan for, whether the loan is unsecured or secured and the type of interest rate. So, keep in mind what you are looking to get out of your personal loan and choose the loan that is right for you.

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Personal Loan Offers

Important Information*
HSBC Personal Loan

A competitive fixed interest rate loan with the option to make extra repayments. Rates range from 9.5% p.a. to 15.99% p.a. based on your credit history.

SocietyOne Unsecured Personal Loan

Based on your risk profile, you will receive a tailored rate between 7.5% and 20.49% with a SocietyOne personal loan.

Latitude Personal Loan (Unsecured)

An unsecured loan with a tailored rate from 13.99% p.a. to 29.99% p.a. designed for multiple purposes including renovating, buying a car or travelling.

Citi Personal Loan Plus

Borrow up to $75,000 to use for a range of purposes. You’ll receive a rate of between 8.99% p.a. and 17.99% p.a. depending on your risk profile. (Comparison Rate of 9.96% p.a. to 18.91% p.a.)

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